Financial history calls for a high around now. As we have been noting, London and European exchanges tend to complete big bubbles in May - June. New York can set a good high with this and following correction, rally into September.

USDJPY failed to break below 108.13 support and rebounded from 108.81, indicating that the correction pullback from 114.36 is complete. Further rally to test 112.12 resistance could be expected, a break through this level could trigger another rise to test 115.50 resistance.

An electronic chart shows the performance of the Ibex 35 index during the last twelve months at the Madrid stock exchange, also known as Bolsas y Mercados Espanoles, in Madrid, Spain, on Friday, Feb. 12, 2016. A rebound in banks helped lift European stocks from their lowest levels since 2013, trimming a second weekly decline. Photographer: Antonio Heredia/Bloomberg via Getty Images